PM 07-03-04.

See WAG 25-03-07 for charts on the fair market value of motor vehicles. If a vehicle is not listed in the charts get the current market value from a reputable lender. If the client claims the fair market value of a motor vehicle is less than the value listed in the charts, use the amount that a reputable lender would loan for the purchase of that particular make and year of motor vehicle.

If a client claims a vehicle is in less than average condition, require the client to provide proof of fair market value.

When more than one motor vehicle is owned the client chooses which vehicle is to be exempt.

NOTE: If a vehicle has special equipment for the handicapped, do not use the value of the equipment when determining the value of the vehicle.

Use the following items to verify the value of a motor vehicle.

  • Title
  • Registration cards
  • Purchase agreements, sales receipts, financing records
  • Receipts of purchase or canceled checks
  • Independent appraisal